In: Finance
Can estate planning include a non-married partner?
Yes, unmarried couples should also think about estate planning. The 2010 Census estimated that more than 7.7 million couples in the United States live in the same household but are not married. If you and your partner are cohabitating and sharing other expenses—and especially if children are involved—you should take note of these important ways to conduct estate planning for unmarried couples.
In most states, there are few protections for a surviving unmarried partner and certainly nothing like the legal protections afforded to a surviving spouse. Therefore it is crucial that live-in partners prepare estate planning documents together. At minimum, a will should clearly state each partner’s wishes for finances, property and more.
Unmarried couples should also consider how their assets are titled when discussing estate planning. The title may determine how the property can be disposed of after the passing of one partner. For instance, if you wish your partner to receive your home after your passing, one option is to amend the title so it is in both of your names and will pass to your partner, also known as joint tenancy with right of survivorship.